Commission publishes results of Call for Evidence on EU financial services

The Call for Evidence is a public consultation looking at the cumulative effect of the new financial sector rules put in place since the crisis. It received hundreds of responses from stakeholders, which confirmed that the overall framework is working well and supports financial stability, increased transparency and protection of investors and consumers. The results of the Call for Evidence will build on this framework to support growth and help legislation work better. The feedback received has supported some key reforms to improve access to finance for SMEs and investment projects. In response to the financial crisis, the EU undertook a complete overhaul of its rules on financial services, adopting 40 pieces of legislation since 2009. These reforms stabilised the markets, made banks better capitalised, restored trust and made the financial system in the EU stronger and more resilient. At the same time, it is important to check whether the new rules are working as intended and to have the confidence to propose changes where they are not. In its Call for Evidence, the European Commission assessed the interaction between the individual rules and their combined economic impact, and addressed unintended consequences, inconsistencies and gaps in the regulatory framework. Today’s Communication is also accompanied by a separate report on the European Market Infrastructure Regulation (EMIR), looking at how rules for over-the-counter derivatives, central counterparties and trade repositories should be improved.